Business owners and their banker often spend time talking about how to obtain the best loan, interest rates and terms, but it is also important to discuss the fundamentals of running an efficient operation from a deposit perspective. Cash management services are a key component to improving the cash flow process and they can also be a valuable tool in fraud prevention. Here are a few cash management services to consider that can help increase efficiency and mitigate fraud.
E-services – Online banking services have valuable tools to streamline the payable and receivable process such as Automated Clearing House (ACH) transactions. ACH times are becoming increasingly competitive with wire transfers while offering much more competitive pricing. ACH transactions can be batched through upload files which can save time and improve efficiency. Thought of by many for just payroll direct deposit, ACH services are becoming the payment option of choice for companies which allows them to take advantage of cash flow by controlling their monthly payables timeline.
Fraud Prevention – Fraud is one of the greatest challenges businesses face today. Advancements in technology make it easier to produce authentic-looking transactions that threaten the most basic business processes. Fortunately, there are cash management services to help safeguard accounts:
- Positive Pay: This automated fraud detection tool helps ensure only authorized checks are paid. A business submits a file of issued checks to the bank for comparison and those unauthorized checks are presented as exception items to the business to determine whether the check should be paid or returned.
- ACH Positive Pay: This tool can help protect your business against unauthorized ACH transactions. Your business is able to specify which companies are authorized to initiate ACH withdrawals. Unauthorized transactions are presented daily to be approved for payment or returned.
Monthly Account Statement – As your business changes, it is important to review your account analysis statement. This is the account blueprint of transaction volumes, cash management services and fees. Service offerings and fee structures change over time due to enhancements, acquisitions and technology. Review your services and fees annually with your relationship manager and/or your cash management partner to ensure they are relevant to your current business needs while making sure to inquire about new products that may help improve efficiency. Also, remember to review your statement at least monthly to ensure the deposits and withdrawals are accurate. In today’s high-tech and fast-paced world it’s actually recommended that you check you accounts daily by accessing them online.
The above are just a few of the benefits you can realize by using cash management services. At Univest we take great pride helping businesses make the most of their money by improving the cash flow process while ensuring security, efficiency and convenience. Our team can create a custom suite of cash management solutions for your business’ unique needs. Contact Stephanie at (267) 695-3980 or firstname.lastname@example.org.
Univest Bank and Trust Co. is Member FDIC, Equal Opportunity and SBA Preferred Lender